Credit Report Problems

Debt Collection Defense in Pennsylvania

Your credit report has a major impact on your life. It can determine whether
you qualify for a loan to purchase a home or a vehicle. It can also be
used to determine whether you qualify for credit, for a job or even housing.
Because of this, any problems or
credit report errors that occur in relation to these reports can result in devastating outcomes
for affected consumers.

As soon as you have discovered that there is a problem with your credit
report, you should take immediate action by calling a skilled attorney.
I am a debt collection defense lawyer who can work directly with the credit
report agencies and your creditors on your behalf in order to help resolve
the issues you are facing.

If the agencies are not willing to take the correction action that is needed,
it may be possible to handle the matter through a lawsuit. My law firm,
The Law Office of Michael P. Forbes, PC, assists individuals throughout
Philadelphia and other parts of Pennsylvania.

Types of Problems that Affect Credit Reports

Here just a few examples of the common credit report problems that consumers face:

Inaccurate Information Provided by Creditors—This incorrect information might include grossly miscalculated credit
balances, incorrect notations of late or missed payments or other inaccurate
adverse complaints against you. Sometimes, a creditor's simple mistake
of incorrectly imputing a Social Security number can result in someone
else's credit information being linked to your credit report. Certain
steps must be taken in order to have the creditor fix any misinformation
on your credit report.

Problems Caused by Identity Theft—You might find that there are accounts that you never even open
listed on your credit report. When that happens, it is often the result
of identity theft, or someone else stealing your personal information
to open credit in your name. The consumer will need to dispute these accounts
so they can be removed from his or her credit report.

Improper Handling of Disputes—When consumers make credit report disputes, the
Fair Credit Reporting Act dictates that the credit reporting agencies and creditors must conduct
timely investigations into whether any inaccurate information was reported.
Sometimes, these agencies or credit companies do no conduct thorough investigations
or they do not respond to the disputes in a timely manner, which can result
in unfair outcomes for consumers. In these cases, the agencies and/or
creditors can be sued.

In February 2013, the
Federal Trade Commission announced results from a study in which one in four study participants (about 25%) found errors on their
credit reports that could potentially impact their credit scores. It is
obvious that the credit reporting system is not perfect, which means that
you will have to be vigilant about any mistakes that could harm your financial
stability.

In order to ensure that your rights as a consumer are being properly protected,
contact my firm for assistance!

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.